In 2024, the Colorado Legislature passed, and Gov. Jared Polis signed, the Local Governments Right to Property for Affordable Housing Act into law. The bill establishes two programs to facilitate the preservation of existing affordable housing: a right of first refusal (ROFR) and right of first offer (ROFO) that local governments interested in maintaining long-term affordability can exercise to acquire affordable multifamily properties and guarantee affordability for residents and communities for decades to come.
This brief exclusively details how the right of first refusal works, including properties subject to the new law, local government flexibility, and timelines and requirements.
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- Brief